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Crypto bear market<\/p>\n
getty<\/small>
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The crypto market extended its slide on Monday after a weekend of losses.<\/p>\n
The global cryptocurrency market capitalization is $913 billion, a 2% decrease over the last day according to CoinMarketCap.<\/p>\n
Bitcoin, the top cryptocurrency by market value, dropped for a fourth day, with no immediately apparent reason, falling almost 2% to $20,506 on a daily scale after posting its biggest weekly gain since March. Ether, the second-largest cryptocurrency by market value, is also down roughly 2% for the day, sitting at $1,140. The broader cryptocurrency market followed suit. <\/p>\n Bitcoin downward trend<\/p>\n Trading View<\/small> XTZ, the native token to Tezos, a decentralized open-source blockchain based on smart contracts, is today\u2019s top gainer according to the Forbes<\/em><\/a> Digital Assets<\/a> leaderboard. While the token has seen an 82% decline from its all-time high of $9.18 in October 2021 it has been trending upward since this past Friday. XTZ is trading at $1.68, up 6% over the last day. Tezos launched a developer portal Thursday to help developers build decentralized applications on its blockchain.<\/p>\n Meanwhile, traders are awaiting the U.S. Consumer Price Index release on Wednesday which has been indicating surging inflation in recent months. The CPI increased 8.6% in May, its highest annual rate in 40 years. June\u2019s rates could be even higher after Federal Reserve Chairman Jerome Powell suggested that the central bank will continue to hike<\/a> rates aggressively with a similar 75 basis-point increase under consideration. The long-term average inflation rate is roughly 3.2%. The report could shed light on the Federal Reserve\u2019s next interest-rate move after it tightened policy by 0.75 percentage point in June, and an expanding economy could encourage a similar move later this month. Rising rates often depress the crypto market. <\/p>\n Friday\u2019s jobs report, which appears good for the economy, showed that companies added 373,000 jobs in June as unemployment remained at 3.6%. <\/p>\n The stock market was down late on Monday following the better-than-expected jobs report. The Dow Jones Industrial Average shed 90 points, the S&P 500 fell 0.9% and the Nasdaq Composite dropped 1.7%. <\/p>\n Investors are also bracing for the start of quarterly corporate earnings results this week.<\/p>\n<\/div>\n
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